He was born at the beginning of the 16th century, and was educated at Cambridge, graduating Ll.B. in 1533, and D.C.L. in 1534, and from the red gown of his degree he was known as ‘Y Doctor Coch’ (‘The Red Doctor’). He married Ellyw, daughter of Owen Pool of Llandecwyn, Merioneth, by whom he had seven children, two sons and five daughters, Thomas being the elder son. In 1535 Thomas Cromwell appointed him one of the visitors of monasteries in Wales, and he took a prominent part in the destruction of the monasteries. In 1538 Cromwell made him a commissary-general of the diocese of S. Asaph, and gave him the sinecure rectory of Llangwm, Llandrillo-yn-Rhos, and Llanuwchllyn. In the reigns of Mary and Elizabeth he devoted himself to civil administration; he was three times Member of Parliament for Merioneth; he was sheriff of Merioneth seven times; sheriff of Denbighshire four times; sheriff of Anglesey twice; and once of Caernarvonshire. He was custos rotulorum of Merioneth for the greater part of Elizabeth's reign.

He was also a member of the Council of the Marches, and in 1561 he was made chancellor of Bangor and rector of Llaniestyn; in February 1565 he was suggested for the bishopric of Bangor, but archbishop Parker objected, because Price was neither a priest nor worthy to be a priest. In 1560 he obtained from the Crown the manor of Tir Ifan, with lands at Ysbyty and Penmachno. He was a great friend of Robert Dudley, earl of Leicester, and when Elizabeth gave the lordship of Denbigh as a gift to the earl in 1564, Price was one of his tenants, and became a tool of oppression in his land. Thomas Pennant refers to him as ‘a creature of the earl of Leicester and devoted to all his bad designs.’ He was a patron of the bards, and his name is the first in the list of esquires in the commission granted by queen Elizabeth to hold the eisteddfod at Caerwys, 1567.

His will was made on 3 August 1590, a codicil added 6 May 1594, and probate granted 24 May 1596; so he died between May 1594 and May 1596. Thomas Prys of Plas Iolyn was his son.